Your technique is fine, but really I'm not sure what method that is.
I think pixel art needs to be about half that size, and more pixelly, that actually looks more like the more modern looking cartoon art, but without the smoothing. Like if you drew him big then scaled down to that size so the AA kicked in, then it would be that cartoon style.
He looks great, but I think that's a unique style, I'd like to see what you can do with half that resolution, I have a soft spot for pixel art, I think he'd look cool if more pixelly, but that's just me, I like the personality that can be expressed with just a few pixels. Photoshop is not a good package for pixel art though, Paint is actually better, or a very early version of PaintShopPro (v3 is recommended as a good pixel art package).